42 Cowdroy Ave, Cammeray had been for sale for months. Then a buyer based in China saw it and snapped it up after just a week.
With local buyers hesitant, agents are changing strategy: they’re deliberately targeting expats and foreigners which is leading to some strong sales.
Buyers are flying in from Asia, the UK, Europe and the US for private property inspections as Aussies snub auctions and open homes in what’s looking to be one of the most significant downturns in decades.
The biggest sale on the lower north shore in the past two months was a Cammeray waterfront that was snapped up by an buyer living in China after just a week.
The sales agents, David Grant and Michael Bao of De Brennan Property, were tightlipped on the price paid, but the talk in the neighbourhood is that the result was $10.3m.
The 1077sqm block on two titles was due to be auctioned earlier in the year but was withdrawn.
Then, last month, the Australian national based in China saw it for the first time and the deal was done.
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The Cammeray property is on a deep 1077sqm waterfront block.
The north-facing property had a boathouse and pontoon.
Expats and foreigners are flying in for property inspections and auctions, snubbed by Aussies.
Jonathon De Brennan, principal of De Brennan Property, said expats and foreign purchasers were taking advantage of their strong currencies to invest in blue-chip Sydney property.
“We are seeing a lot of expats returning to look at property,” he said.
“We’ve been increasing our marketing exposure on our properties with an emphasis on targeting expats and foreign purchasers, who are not as hesitant as local buyers given the recent tax reforms.
“And this is yielding strong results with a number of sales — we’ve sold five properties on the lower north shore in the past three weeks.”
De Brennan said buyers were flying in from Asia, the UK, Europe and the US.
“Two of our buyers, from the States, have had second inspections on our listings,” he said.
“We have had a lot of activity from expats looking to invest here.”
It’s in Cammeray’s most prestigious waterfront street and had been in the same family hands for many years.
The property had been advertised for lease between 2019 and 2024 for between $2500 and $3500 a week.
Sources say the buyer paid $10.3m for the luxury home.
Number 42 Cowdroy Ave is a four-bedroom, three-bathroom home with a pool and views across Middle Harbour.
The north-facing property had a boathouse and pontoon, was in Cammeray’s most prestigious waterfront street and had been in the same family hands for many years.
Records show that four members of the Weinstock family were the owners and the property had been advertised for lease between 2019 and 2024 for between $2500 and $3500 a week.
.The last double-digit sale on the lower north shore before Cowdroy Ave was a $19.5m sale for a four-bedroom apartment in Lavender Bay in early May.
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